Medical Technology

Colombia is expected to witness a significant growth in the Medical Technology market market, with the projected revenue reaching US$2.70bn by 2024.
Among the various markets in the market, Medical Devices hold the largest share, with a projected market volume of US$2.17bn in the same year.
The market is anticipated to exhibit a steady annual growth rate (CAGR 2024-2029) of 5.56%, leading to a market volume of US$3.54bn by 2029.
It is worth noting that in global comparison, the United States is expected to generate the highest revenue, amounting to US$211.10bn in 2024.
This showcases the dominance of the US market in the Medical Technology market sector.
Colombia's medical technology market is rapidly growing, driven by increased government investment and a rising demand for advanced healthcare solutions.

Definition:
The Medical Technology market covers devices and products used for prevention, diagnosis, and treatment of diseases. Next to pharmaceuticals, they form the most important category of medical products. The most well known medical technology products are, among others, pacemakers, imaging instruments, dialysis machines, and implants.

Structure:
The Medical Technology market consists of two markets, In Vitro Diagnostics (IVD) and Medical Devices. The IVD market covers products used for medical laboratory testing of specimens derived from the human body. The Medical Devices market covers a broad range of products which are further marketed into medical specialties or types of application: Cardiology Devices, Diagnostic Imaging Devices, Orthopedic Devices, Ophthalmic Devices, and General & Plastic Surgery Devices. The Other Medical Devices market provides information on additional areas that are not covered by the main markets.

Additional information:
Market values represent revenues paid to primary vendors at manufacturer price level either directly or through distribution channels (excluding VAT). Reported market revenues include spending by consumers (B2C), enterprises (B2B) as well as governments (B2G). Revenues are allocated to the country where the money is spent.

Company examples: Medtronic, Johnson & Johnson, Abbott Laboratories, Siemens Healthineers.
Further information on the key players can be found in the Market Shares boxes.

Implants and prostheses
Assistive technology products (e.g., hearing aids, wheelchairs)
Clinical engineering products
Imaging devices
Products for laboratoy testing (IVD)
Active medical devices (i.e., operating with electrical energy)

Pharmaceuticals
Services (i.e., treatment expenses)
Consumer technologies, e.g., fitness trackers
Blood and transplants derived from the human body

The Medical Technology market in Colombia has been experiencing significant growth in recent years. Customer preferences for advanced medical devices and equipment, along with favorable local special circumstances, have contributed to this trend. Additionally, underlying macroeconomic factors have played a role in driving the development of the market. Customer preferences in Colombia have shifted towards more advanced and innovative medical technology. Patients and healthcare providers are increasingly seeking cutting-edge medical devices and equipment that can provide accurate diagnoses, effective treatments, and improved patient outcomes. This demand for advanced technology has led to the introduction of state-of-the-art medical devices and equipment in the Colombian market. One of the key trends in the Medical Technology market in Colombia is the increasing adoption of digital health solutions. Telemedicine, remote patient monitoring, and digital health platforms have gained popularity among healthcare providers and patients alike. These technologies enable healthcare professionals to remotely monitor patients, provide virtual consultations, and deliver personalized care. The COVID-19 pandemic has further accelerated the adoption of digital health solutions, as they offer a convenient and safe alternative to in-person healthcare services. Another trend in the market is the growing demand for minimally invasive surgical procedures. Patients are increasingly opting for less invasive treatment options that offer shorter recovery times, reduced scarring, and lower risk of complications. This has led to an increased demand for advanced surgical instruments and devices that enable minimally invasive procedures. Medical technology companies are responding to this trend by developing innovative surgical tools and equipment that facilitate minimally invasive surgeries. Local special circumstances in Colombia, such as a growing aging population and increasing prevalence of chronic diseases, have also contributed to the development of the Medical Technology market. As the population ages, the demand for medical devices and equipment to manage age-related conditions, such as cardiovascular diseases, diabetes, and orthopedic disorders, has increased. This has created opportunities for medical technology companies to introduce specialized products and services tailored to the needs of the aging population. Underlying macroeconomic factors, such as favorable government policies and investments in healthcare infrastructure, have further fueled the growth of the Medical Technology market in Colombia. The Colombian government has implemented policies to encourage innovation and investment in the healthcare sector, creating a conducive environment for the development and adoption of medical technology. Additionally, investments in healthcare infrastructure, including hospitals and clinics, have increased the accessibility of advanced medical technology to a larger population. In conclusion, the Medical Technology market in Colombia is experiencing growth driven by customer preferences for advanced medical devices, the adoption of digital health solutions, and the demand for minimally invasive procedures. Local special circumstances, such as an aging population and increasing prevalence of chronic diseases, have also contributed to the development of the market. Underlying macroeconomic factors, including government policies and investments in healthcare infrastructure, have further supported the growth of the Medical Technology market in Colombia.

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on medical devices and IVD revenues allocated to the country where the money is spent at manufacturer price levels excluding VAT.

Modeling approach / Market size:

Modeling employs a top-down approach with a bottom-up validation, using financial information of the key players by market. Market sizes are determined by a top-down approach, based on a specific rationale for each market market and allocated to the covered countries according to the global market shares. As a basis for evaluating markets, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare system, and regulations concerning medical products. Next, we use further relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare payer system, and regulations concerning medical products. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Health market, in a PDF format.

Medical technology plays a role in the lives of everyone. It includes most of all, medical devices which simplify the prevention, diagnosis, and treatment of diseases and illnesses. The most well-known medical technology products are, among others, pacemakers, imaging instruments, dialysis machines, and implants. The global medical technology industry was worth over 567 billion U.S. dollars annually. Established centers of this industry include North America and Western Europe. The United States is home to the world’s largest medical technology companies. As of 2022, Abbott Laboratories had the largest global revenue at over 31.2 billion U.S. dollars. The main focus of devices manufactured by the Chicago-based company are diagnostics, cardiovascular, and diabetes care. Two other medtech companies that round off the top three largest companies –Medtronic and Johnson & Johnson – are both based in the United States. Although, industry trends show that Asia, and in particular China, is about to play a more prominent role in the years to come.